BSE: 509953
TRADE WINGS LTD.
Provides travel-related services in India, with the Travel Related Services segment contributing nearly 98% of standalone revenue in FY26 per company disclosure. A small Cargo and Others segment accounts for the balance of standalone business. Standalone revenue from operations for FY26 stood at Rs. 22,594.56 lakhs, up about 6.1% year-on-year, with standalone profit after tax of Rs. 113.43 lakhs. Consolidated FY26 revenue was Rs. 26,210.99 lakhs and consolidated PAT was Rs. 239.37 lakhs, down year-on-year. The group also runs hotels through wholly-owned subsidiary Trade Wings Hotels Ltd, which posted a loss after tax of Rs. 179.90 lakhs in H1 FY26 on revenue of Rs. 1,308.89 lakhs, and the parent has not impaired its investment in this subsidiary despite weak results. The cost structure is dominated by employee cost at 6.9% of revenue and other operating expenses at 11.9% of revenue, with no raw materials cost recorded, consistent with a service-led model. The company is small — paid-up equity capital below Rs. 10 crore and net worth below Rs. 25 crore as of 31 March 2026 — and is headquartered in Vashi, Navi Mumbai. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Travel Related Services (98%), Cargo and Others, Hotels (subsidiary: Trade Wings Hotels Ltd). Small, service-led travel agency with a loss-making hotels subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 87 | 214 | 242 | 249 | 262 |
| EBITDA (ex other income) | (1) | 4 | 3 | 2 | (1) |
| margin % | (0.9) | 1.8 | 1.4 | 0.9 | (0.2) |
| Owners' profit | (3) | 3 | 3 | 3 | 0 |
| EPS, as reported (₹) | (21.00) | 22.22 | 20.74 | 25.36 | 7.98 |
| ROE % · ROCE % | 16.2 · 4.6 | (19.4) · 46.9 | (21.3) · 59.0 | (31.6) · 51.7 | (26.1) · 45.5 |
| Debt / equity (x) | (1.16) | (1.36) | (1.19) | (1.94) | (1.97) |
| Cash from operations | 3 | 5 | 4 | 7 | 4 |
| Capex | (0) | (0) | (3) | (1) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 66 | 52 | 68 | 63 | 68 | 59 | 67 | 68 |
| Profit before tax | (1) | (1) | 3 | 3 | 0 | (2) | 1 | 2 |
| Net profit | (1) | (1) | 3 | 3 | 0 | (2) | 1 | 3 |
| EPS (₹) | (3.60) | (8.80) | 9.37 | 20.10 | 0.53 | 6.47 | 4.05 | 9.88 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cargo and Others | 3 | 1.0 |
| Travel Related Services | 198 | 73.3 |
| Cargo and others | 1 | 0.3 |
| Travel related service | 68 | 25.3 |
| Total, before eliminations | 271 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTERNATIONAL TRAVEL HOUSE LTD | 206 | 11.1 | 1.15 | — | 10.3 | 13.7 | — | 16.6 |
| TRADE WINGS LTD. ◆ | 156 | 24.8 | — | 21.8 | (26.1) | 14.0 | 47.5 | 5.4 |
| YAAN ENTERPRISES LIMITED | 50 | 61.5 | 9.29 | — | 14.6 | 17.4 | — | 6.3 |
| HELLOJI HOLIDAYS LIMITED | 39 | 91.2 | — | — | — | 9.4 | — | — |
| LGT GLOBAL HOSPITALITY LIMITED | 30 | 31.8 | — | — | — | 15.8 | — | — |
| LANDMARK GLOBAL LEARNING LIMIT | 18 | 0.8 | — | — | — | (8.1) | — | — |
| Travels & rentals Limited | 8 | 1.6 | — | — | — | — | — | — |
| SAILANI TOURS N TRAVELS LIMITE | 4 | 8.6 | — | — | — | 3.9 | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.8 | 9.8 | 7 of 10 | 33% |
| ROCE | 14.0 | 14.0 | 5 of 9 | 50% |
| EBITDA margin | 5.4 | 6.3 | 3 of 3 | 0% |
| Revenue growth | 7.9 | 31.3 | 3 of 4 | 33% |
| Profit growth | (1.7) | (1.7) | 2 of 3 | 50% |
| Market cap | 156 | 30 | 2 of 9 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Routine regulatory filing for Q2 FY27 dematerialisation compliance | compliance | minimal | — | — |
| 3 Oct 2026 · Trade Wings files 76th AGM proceedings; seeks leniency for delayed submission | compliance | low | — | — |
| 25 Sept 2026 · 76th AGM: All 5 resolutions passed with 99.99 percent approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 76th AGM held on Sept 24, 2026 - All 5 resolutions passed with 99.99 percent approval | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trade Wings 76th AGM held Sep 24 2026; 5 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Registered office shifted within Goa to Bogmalo area | general | low | — | — |
| 21 Sept 2026 · Trading Window Closure for Q2 FY27 Results Period | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 76th AGM on 24 Sep 2026; e-voting facility from 21 to 23 Sep | compliance | minimal | — | — |
| 2 Sept 2026 · Trade Wings 76th AGM on 24 Sep 2026; e-voting from 21 to 23 Sep | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Book closure from Sep 18 to Sep 24, 2026 for 76th AGM | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.